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Wait for a pullback to the level 130.71

Wait for a pullback to the level 130.71 | 18 August 2022

18 August 2022, USD/JPY

Wait for a pullback to the level 130.71

Technical observation

USD is trading with an increasing bullish bias below the resistance zone it established at 136.24-135.15, however, I expect a loss of this upwards movement followed by a momentum to the lower side, the anticipate bearish movement of price is a correction to the supportive level 130.71 and I expect a rejection of price at it to pick long positions with my take profit at 135.15 and stop-loss at 128.48. If there is a clear break above the zone I mentioned earlier with a big green candle, I expect the value of USD to surge further to the upper side after a pullback to the zone. I can only recommend short positions below the level 130.71.

Trade recommendation

Wait for a correction to the level 130.71 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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